FLEKSIBILITAS MERGER DAN AKUISISI, KINERJA PERUSAHAAN, DAN ABNORMAL RETURN PADA PERUSAHAAN LISTED DI BEI

Authors

  • Nindi Vaulia P Fakultas Ekonomi, Universitas Kadiri
  • Deni Drimawan Fakultas Ekonomi, Universitas Kadiri
  • Untung Susilo Fakultas Ekonomi, Universitas Kadiri

Keywords:

Merger, Acquisition, Abnormal Return, Financial Performance

Abstract

This study aims to see the flexibility of the company in relation to this M&A announcement which has an impact on stock returns and changes in company performance for investors around the announcement date by testing abnormal return (AR), cumulative abnormal return (CAR) and Return On Asset (ROA). The analysis used to determine the impact of M&A announcements on stock returns is to use the One Sample t-test and the Wilcoxon Signed Rank Test. Meanwhile, to find out the difference in performance before and after the announcement of M&A using Paired Ttest. Research samples of 36 companies listed on the Indonesia Stock Exchange that carried out M&A during the 2015-2020 period Based on the results of the One Sample T-test, Wilcoxon and Paired-T The result is a decrease in both Abnormal Return, Cumulative Abnormal Return and Return On Asset. This indicates that there is no significant impact received by the shareholders of the bidder firm, both in terms of market efficiency and financial performance. Based on the results obtained, it is suggested that company management be more careful in making decisions and accountants can carry out a more in-depth analysis as well it is hoped that investors can use financial reports as well as possible and make appropriate decisions.

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Published

2021-03-23

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Articles